Most decentralized applications are built on the Ethereum blockchain, and Ethereum Classic has the same capabilities. ETC, the native coin of Ethereum Classic, is used to pay for using its computational resources. As in Ethereum, one needs to pay gas fees for the execution of smart contract functions and coin transactions. This payment goes to miners who validate transactions, perform smart contract computations and add new blocks to the chain. Besides being a payment mechanism for blockchain transactions, ETC, owing to its deflationary nature, is also used as a store of value.

The creation of https://www.beaxy.com/ Classic sparked debate within Ethereum’s development community, as it was developed in reaction to a massive DAO hack of the main Ethereum network. The DAO raised $150 million in ETH as an Ethereum-based venture fund in an Initial Coin Offering in April 2016. However, in June, an attacker exploited a bug in the DAO’s smart contracts and stole 3.6 million ETH.

How is Ethereum Classic used as a development platform?

Having just locked in 10% with our Long trade on #ETC we’re looking at a small but well-worth-doing Short trade, expected returns of around 10%. Upon the launch of the newly split chain, Ethereum Classic was valued at around $2. The asset has experienced many fluctuations over the years and can be considered volatile.

The percent change in etc ethereu classic all time high price volume for this asset compared to 7 days ago. The percent change in trading volume for this asset compared to 1 hour ago. In the last 24 hours.ETC has a circulating supply of 139.8 M ETC and a max supply of 210.7 M ETC. Senate hearing and said the central bank will likely need to raise interest rates more than anticipated. Powell also warned that banks should be “quite cautious” about getting involved in digital assets. AdvisorShares CEO Noah Hamman weighs in on bitcoin fundamentals amid recent macro headwinds.

What is the all-time high for Ethereum Classic (ETC)?

It cannot access any upgrade or change on the being implemented on Ethereum. This is because the two split as a result of a hard fork, and, by definition, a hard fork is a backward-incompatible update. Since a new set of rules is implemented meaning that the new chain, and its users , are, in effect, cut off from the original chain.

Instead, it was created due to a changing Ethereum landscape that birthed two independent blockchains. Ethereum Classic’s current share of the entire cryptocurrency market is 0.25%, with a market capitalization of $ 2.64 Billions. Another main concern of Ethereum Classic lies with its drawbacks in terms of scalability. On average, the network can manage 15 transactions per second, far less than centralized payment networks, such as Visa, or even other decentralized blockchain ETH networks. Although Ethereum Classic has had software upgrades, its payment system scalability remains to be one of its most challenging struggles going forward, thus, its use cases remain limited.

What is the Maximum Token Supply of Ethereum Classic

The Ethereum Classic network is secured using proof-of-work, but as a minority chain, it has suffered regular attacks itself. ETC began in a very similar technical state to ETH, with the exception of how the DAO hack transactions were handled. Find all the information you need with Alexandria, CoinMarketCap’s dedicated education resource. Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions.

Before buying or selling any cryptocurrency, it’s important to check financial regulations in your area surrounding the use of cryptocurrency. There are no special regulations specifically prohibiting Ethereum Classic. Ethereum Classic can be a solid short-term investment in the wake of network attacks. It can be sold short in the midst of network attacks in order to profit from price falls, and it can be bought long as the price recovers and the attackers sell their gains. The value of Ethereum Classic as an investment is highly dependent on how you invest in the token.

ETC Depth Chart

Because The DAO accounted for so much of the total Ethereum in circulation in 2016, there was a split in the community about how to fix the problem. One camp believed that it was necessary to wipe off the attack from Ethereum’s history by reverting the chain so that they could maintain the network’s long-term viability. However, the opposing side argued that doing so was not in line with the ethos of cryptography and thus refused to support a ledger rewrite. Ultimately, the Ethereum developers decided to create Ethereum Classic as a hard fork from Ethereum in July 2016. Two years after Ethereum’s launch there was a hack which caused a split in the community, often described as a ‘battle of ethics and ideology’.

Ethereum Classic is available through the most popular cryptocurrency exchanges and through lesser-known cryptocurrency exchanges as well. The token is widespread and widely available in the cryptocurrency industry. However, withdrawals and deposits of ETC are sometimes frozen due to security incidents surrounding the token. The security incidents surrounding ETC can also lead to a halt on withdrawals and deposits of the token on major exchanges. This creates major price differences between exchanges, opening market-neutral opportunities for arbitrage between exchanges. In short, ETC can be moved between exchanges and bought and sold at different prices due to the instability surrounding major security events.

It’s also possible to trade them against other crypto coins on popular exchanges. The current Market Cap ranking of ETC is #26, with a live market cap of $2,759,560,499.49 USD. The launch of Ethereum Classic came after the 2016 Ethereum DAO hack, which resulted in a fork of the Ethereum blockchain. The Ethereum network as it exists today is the forked chain, while Ethereum Classic is the original chain upon which the DAO hack occurred.

Rather, the general market conditions and specific events within the Ethereum Classic ecosystem influence the price. When the Ethereum hard fork happened in July 2016, all investors who held ETH in their wallets were given the same amount of ETC coins for free. Its next noteworthy surge came during the crypto boom of 2018, when ETC price reached $43.76 on Jan. 13, 2018. However, it retraced to under $20 within a month and continued its fall further after a brief spike in February, trading well under $10 by Q3, 2018.

Buterin is a computer programmer and writer who got involved with the world of cryptocurrency at a very early stage. At the start of his career, Buterin was writing articles on cryptocurrency for Bitcoin Weekly in exchange for Bitcoin tokens. The rate at the time was 5 BTC per article, which was $3.50 then and approximately $200,000 at the time of this writing. It is based on the older versions of Ethereum that existed before fundamental changes to the codebase. Ethereum Classic or ETC has its uses and role in the cryptocurrency industry, and it has its own unique history as a cryptocurrency token.

It was created in 2016, due to a difference in ideological and technical opinion within the Ethereum community, which came as a result of the infamous DAO attack. The original Ethereum blockchain was split into two with Ethereum Classic being the original and Ethereum being the newer blockchain. Yes, Ethereum Classic is legal to purchase and own anywhere where cryptocurrency is legal. Popular exchanges will automatically detect your location and adjust their availability according to your region’s financial regulations. As the network recovers from the XRP scandal surrounding the attacks, it may attract new software developers to create applications on its network. As a development platform, Ethereum Classic is still emerging as a network for developers of decentralized finance applications.

The idea was a decentralized network for mining cryptocurrency and a software development platform for decentralized applications that worked through smart contracts. Both versions of the blockchain are built around the idea of smart contracts. Many cryptocurrency tokens and decentralized applications are based on the Ethereum blockchain network. The current price of Ethereum Classic is –, with a 24-hour trading volume of –. In the last 24 hours, the price of Ethereum Classic decreased by 4.16%.

• However, withdrawals and deposits of ETC are sometimes frozen due to security incidents surrounding the token.
• However, the miners and users, aggrieved at this move, decided to stay on the original Ethereum blockchain, which later metamorphosed into the Ethereum Classic network.
• If someone invoked the function, users would get their ETH back, and the smart contract would update the public ledger accordingly.
• This is because the two split as a result of a hard fork, and, by definition, a hard fork is a backward-incompatible update.
• The higher the demand the higher the price, while the value of Ethereum Classic would decrease in the case of negative sentiment, bearish market cycles, negative trends, and major market dips.